Hyderabad: A special CBI court yesterday adjourned pronouncement of the much awaited judgment in the multi-crore Satyam scam till March 9, next year.
Special Judge B V L N Chakravarthi deferred the verdict, citing the voluminous documents of the case. K Surender, special public prosecutor, Central Bureau of Investigation (CBI), which probed the case, told reporters that the court would now pronounce the verdict March 9, 2015.
The court was expected to pronounce the verdict yesterday in what is billed to be the country’s biggest accounting fraud that left the corporate world stunned in 2009. All 10 accused, including the prime accused B Ramalinga Raju, the Satyam Computer Services Ltd’s founder and former chairman, appeared in the court yesterday.
The judge told the prosecution and defence counsels that he required more time to pronounce the verdict. He said typing the order itself may take two to three weeks.
The scam came to light on January 7, 2009, when Ramalinga Raju confessed that the company’s account books and profits were inflated over many years to the tune of several crores of rupees.
The CBI put the loss to the shareholders at Rs14,000 crore. The investigating agency also charged Raju with gaining Rs2,500 crore by selling his family shares in Satyam.
Raju was charged with floating several front companies to buy land with the scam money as well. He was arrested by Andhra Pradesh Police Jan 9, 2009. The CBI, which later took up the investigations, filed three chargesheets against Raju and the other accused, charging them with cheating, criminal conspiracy, forgery, falsification of accounts and breach of trust.
IANS
